The Board of Directors of Citycon Oyj has on 26 April 2007 resolved
to set up a share-based incentive plan for the Group's key personnel.
The Board of Directors of Citycon has today confirmed the amount of
incentives that shall be granted for the first earning period 1
January-31 December 2007. In accordance with the terms and conditions
of the incentive plan, one third of the incentives shall be paid in
2008 and the rest in 2009 and in 2010. In 2008, this one third of the
incentives totals 7,040 shares which will be granted to 16 persons of
the corporate management and other key personnel.
The incentives paid under the incentive plan for the year 2007 were
determined on the basis of the growth of Citycon Group's adjusted
earnings per share and net rental income. The incentive plan in its
entirety covers years 2007-2009 and the potential incentives will be
granted to the key personnel during the years 2008-2012. The Board of
Directors annually resolves on the key personnel participating in the
incentive plan and sets the incentive goals. The incentives may be
granted in the form of the company's shares and/or in the form of
cash payment following the end of each earning period.
On 13 March 2007 the Annual General Meeting authorized the Board of
Directors to resolve on a directed share issue. The Board of
Directors of the company has today, on 15 May 2008, resolved to grant
the persons participating in the incentive plan the incentives in the
form of shares in accordance with the terms and conditions of the
incentive plan by means of a directed share issue without payment
comprising a total of 7,040 new shares in the company. The issued new
shares are of the same class as the other company shares and will
entitle to shareholders' rights once entered in the Trade Register.
The issue does not change the share capital of the company.
The new shares issued by means of the directed share issue without
payment will be registered with the Trade Register on or about 19 May
2008 and will be admitted for public trading on the OMX Nordic
Exchange Helsinki on or about 20 May 2008. In accordance with a
decision by the Finnish Financial Supervision Authority dated 14 May
2008, the company is granted an exemption from the duty to publish a
prospectus regarding the issued shares.
In conjunction with the granting of the first share incentives the
Board of Directors of the company also decided to issue a
recommendation regarding the Corporate Management Committee members'
shareholding in the company. In accordance with the recommendation,
the CEO of the company shall own the company's shares at least for
the value corresponding to his two years' annual net salary and other
Corporate Management Committee members for the value corresponding to
his/her six months' net salary.
Helsinki, 15 May 2008
Board of Directors
For further information, please contact:
Petri Olkinuora, CEO, tel. +358 9 6803 6738 or
mobile +358 400 333 256
OMX Nordic Exchange Helsinki